Nigeria and UK Sign £746m Deal to Transform Apapa and Tin Can Ports

Nigeria and the United Kingdom have finalised a £746 million export finance package to overhaul and modernise two of the country’s busiest seaports.

NaijaChoice News reports that the landmark agreement, backed by UK Export Finance and arranged by Citibank, targets the Lagos Port Complex in Apapa and the Tin Can Island Port Complex. These facilities manage over 70 per cent of Nigeria’s imports and exports and serve as the main arteries for the nation’s trade.

The deal was formally signed in London during President Bola Ahmed Tinubu’s state visit, where he held bilateral talks with British Prime Minister Keir Starmer between March 18 and 19, 2026.

Minister of Marine and Blue Economy Dr Adegboyega Oyetola described the pact as a defining moment for Nigeria’s maritime sector.

For decades, Apapa and Tin Can ports have struggled with chronic congestion, ageing infrastructure and slow operations that drive up costs for importers, exporters and ordinary Nigerians.

Oyetola said the modernisation will bring advanced cargo-handling equipment, digital systems and automation to cut vessel turnaround times, slash cargo dwell periods and align the ports with global standards.

“This is not just an upgrade but a comprehensive transformation,” the minister stated, adding that the project will reduce demurrage charges, ease logistics bottlenecks and generate fresh revenue for national development.

The initiative marks the most ambitious port revamp in nearly 50 years. It forms part of the Federal Government’s push to unlock the full potential of the marine and blue economy while strengthening Nigeria’s position as a key maritime hub for West and Central Africa.

On the British side, at least £236 million in supplier contracts will flow to UK firms, including a £70 million order for British Steel to supply 120,000 tonnes of billets to Nigerian contractors Hitech and ITB.

The financing ties into record bilateral trade between Nigeria and the UK, which now stands at £8.1 billion annually, supported by the Enhanced Trade and Investment Partnership.

Traders and analysts say the upgrades will finally ease the gridlock that has long plagued Apapa roads and cut the huge hidden costs passed on to consumers.

President Tinubu’s team views the agreement as a concrete win for the Renewed Hope agenda, promising faster trade flows, more investor confidence and long-term economic growth.